If you still do not have a pucca home anywhere in India and your annual income is between Rs.3 lakh and Rs.18 lakh, you can apply for Pradhan Mantri Awas Yojana (PMAY).
The PMAY scheme was started in 2015 by PM Narendra Modi to offer low-cost housing solutions to the urban and rural poor of India.
The PM Awas Yojana scheme comes with the credit linked subsidy scheme (CLSS).
It helps eligible candidates to enjoy a home loan interest rate subsidy of 6.5% up to Rs.2.67 lakh.
On that note, it would be good to know about the Pradhan Mantri Awas Yojana eligibility to meet and enjoy interest subsidies to pay lower EMIs.
Read on!
A quick look at Pradhan Mantri Awas Yojana eligibility norms
If you or a beneficiary family member already have a pucca home anywhere in India, then you can’t apply for the Pradhan Mantri Awas Yojana. A beneficiary family includes a husband, wife, unmarried sons and unmarried daughters.
The annual income of the PMAY home loan applicant must be between Rs.3 lakh and Rs.18 lakh.
The beneficiary family or a member is not eligible to enjoy PMAY benefits on an already built home.
You won’t be able to avail of the PMAY benefits on a resale flat.
You also must not avail of any assistance from the Central or State Government under previously launched housing schemes.
If you meet these mentioned Pradhan Mantri Awas Yojana eligibility terms, then you can apply for it and avail of its benefits.
Based on your income category, you can start saving on home loan interest rate outgo and pay lower EMIs.
Read Also: Pradhan Mantri Awas Yojana Eligibility Criteria and Tracking Process
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